{"id":183841,"date":"2021-01-08T07:35:08","date_gmt":"2021-01-08T07:35:08","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=183841"},"modified":"2021-01-08T07:36:56","modified_gmt":"2021-01-08T07:36:56","slug":"emaar-properties-sells-address-sky-view-hotel-for-204-million","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/emaar-properties-sells-address-sky-view-hotel-for-204-million\/","title":{"rendered":"Emaar Properties sells Address Sky View hotel for $204 million"},"content":{"rendered":"\n

The Emirati Emaar Properties said it sold the Address Sky View hotel, downtown Dubai, for 750 million dirhams ($204 million). The company said it will retain ownership of a sky bridge restaurant.<\/p>\n\n\n\n

\u201cThe net impact on the financial position would be an expected increase in assets of Dh50m during the quarter of sale transaction payment [fourth quarter of 2020],\u201d the company said.<\/p>\n\n\n\n

The deal is \u201cin line with the company\u2019s asset-light strategy for hospitality assets\u201d, Emaar said in a statement<\/a> to the Dubai Financial Market on Wednesday.<\/p>\n\n\n\n

Stock rise<\/strong><\/h5>\n\n\n\n

Dubai Financial Market (DFM) recorded an increase of 13 shares, during the trading session on Tuesday, led by Emaar Properties, which increased by 2.91%. Emaar Properties topped the list of the most traded shares.<\/p>\n\n\n\n

Emaar Properties official said, in statements on Wednesday evening, a European fund had recently bought a the 169-key Address Sky View.<\/p>\n\n\n\n

Emaar is a public joint stock company listed on the Dubai Financial Market. The company operates in many global markets. It provides an both development and administrative services.<\/p>\n\n\n\n

The company manages its operations in six sectors through 60 active companies, and has a strong presence in 36 markets in  the Middle East and North Africa, Asia, Europe and North America.<\/p>\n\n\n\n

Global investors are seeking to conclude new deals focusing on Dubai hotel properties for three reasons namely: competitive prices, high returns, and Dubai’s attractiveness to tourists.<\/p>\n\n\n\n

Emaar Properties is one of the largest real estate development companies in the UAE, and is known for mega projects such as Burj Khalifa, the tallest building in the world.<\/p>\n\n\n\n

Address Sky View, three kilometers from the beach, is one of the most modern Dubai luxury hotels because of its distinctive services, unique engineering designs and interiors.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Emirati Emaar Properties said it sold the Address Sky View hotel, downtown Dubai, for 750 million dirhams ($204 million). The company said it will retain ownership of a sky bridge restaurant. \u201cThe net impact on the financial position would be an expected increase in assets of Dh50m during the quarter of sale transaction payment […]<\/p>\n","protected":false},"author":4,"featured_media":183843,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[855,278,512],"class_list":["post-183841","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-dubai","tag-featured","tag-uae"],"yoast_head":"\nEmaar Properties sells Address Sky View hotel for $204 million - BNReport<\/title>\n<meta name=\"description\" content=\"BNReport - Business - The Emirati Emaar Properties said it sold the Address Sky View hotel, downtown Dubai, for $204 million\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/emaar-properties-sells-address-sky-view-hotel-for-204-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Emaar Properties sells Address Sky View hotel for $204 million - 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